OPEC+ Decision to Cut Production Was Unanimous, OPEC Secretary General Says

MOSCOW, 18 Oct — PRIME. The alliance of oil producers OPEC + unanimously decided to cut oil production in order to prevent a crisis and reduce the volatility of quotes. This was reported by Reuters on Tuesday, citing OPEC Secretary General Haytham al-Ghais.

Algeria called the decision of OPEC + to reduce oil production historical

“The heads of delegations unanimously – I want to emphasize this – unanimously decided to act proactively in an effort to ensure stability in world markets,” he said.

“In the coming months, the macro economy will face difficulties, and there is a possibility of a global recession, which, as some believe, has already begun in certain regions of the world. Ministers (OPEC oil countries) unanimously decided to start acting now to prevent a crisis in the future,” he added. al-Gays.

OPEC+ countries have spoken out in support of a decision taken earlier this month to cut production targets significantly. The White House has previously accused Saudi Arabia of forcing some other cartel countries to cut production.

The OPEC+ alliance includes OPEC countries and other major oil producers, including Russia.

According to the OPEC Secretary General, Africa’s oil and natural gas reserves will be in demand in the future, as demand for energy carriers will increase significantly in the coming decades.

The OPEC forecast implies a 23% increase in global energy demand from 286 million barrels of oil equivalent per day in 2021 to 351 million barrels of oil equivalent per day by 2045. Moreover, the share of oil in the structure of energy consumption will remain the most significant.

According to an OPEC official, the lack of investment in the oil and gas industry could lead to “a significant shortage of supply, which will provoke even greater volatility” in the market.